Please find attached transcript of the earnings call held on July 24, 2026

July 30, 2026 SBIL/CS/NSE-BSE/2627/77 Vice President General Manager Listing Department, Listing Department, National Stock Exchange of India Limited, BSE Limited, Exchange Plaza, Phiroze Jeejeebhoy Towers, Plot No. C/1, G Block, BKC, Dalal Street, Bandra (East), Mumbai 400051 Mumbai 400001 NSE Symbol: SBILIFE BSE Scrip Code: 540719 Dear Sir / Madam, Subject: Transcript of Earnings Conference call for Q1 of FY 2026-27 This is in continuation to our intimation letter ref. No.: SBIL/CS/NSE-BSE/2627/63 dated July 20, 2026 and in compliance with the provision of Regulation 30 read with Schedule III (Part A) (Para A) (15) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose transcript of the earnings conference call held on Friday, July 24, 2026. The transcript of the earnings conference call with analysts or institutional investors is also hosted on the Company's website at www.sbilife.co.in You are requested to kindly take the same on record. Thanking you, Yours faithfully, Girish Manik Company Secretary ACS No. 26391 Encl: A/a SBI Life Insurance Company Ltd. Registered and Corporate Office: Natraj, M.V. Road and Western Express Highway Junction Andheri (East), Mumbai 400 069. Tel.: (022) 6191 0000/ 3968 0000 IRDAI Regn. No. 111. CIN: L99999MH2000PLC129113 www.sbilife.co.in “SBI Life Insurance Company Limited Q1 FY27 Earnings Conference Call” July 24, 2026 Management: Mr. Amit Jhingran – Managing Director and Chief Executive Officer Mr. Sangramjit Sarangi – President and Chief Financial Officer Mr. Subhendu Bal – President and Chief Risk Officer Mr. Prithesh Chaubey – President and Appointed Actuary Mr. Santosh Chacko – President, Business Strategy Ms. Smita Verma – Executive Vice President, Finance and Investor Relations Page 1 of 16 SBI Life Insurance Company Limited July 24, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the SBI Life Insurance Company Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Amit Jhingran, Managing Director and CEO of SBI Life Insurance Company Limited. Thank you, and over to you, sir. Management: Good afternoon, everyone. It is our privilege to welcome you to the SBI Life Insurance Results Update Call for the period ended June 30, 2026. We sincerely appreciate for your time and efforts in analyzing our performance and your participation in today's earnings call. Updates on our financial results are available on our website as well as on the websites of both the stock exchanges. Along with me, Mr. Sangramjit Sarangi, President and CFO; Mr. Santosh Chacko, President, Business Strategy; Mr. Subhendu Bal, President and Chief Risk Officer; Mr. Prithesh Chaubey, President and Appointed Actuary; and Ms. Smita Verma, Executive Vice President, Finance and Investor Relations, are present. The long-term outlook for the Indian life insurance industry remains encouraging, supported by strong economic fundamentals, a favorable regulatory environment and increasing digital adoption. Against this backdrop, SBI Life continued its growth trajectory from FY 2026 into the first quarter of FY 2027, delivering a 14% increase in Individual Rated Premium, supported by a favorable shift in product mix. All product segments recorded growth on an Individual Rated Premium basis and all key distribution channels achieved double-digit expansion. The increasing contribution from protection solutions and guaranteed non-par saving products reflects evolving customer preferences and our strategic focus. Looking ahead, the company remains confident in the long-term growth potential of the life insurance sector in India and its ability to navigate the evolving landscape with a continued focus on profitable and sustainable growth. Page 2 of 16 SBI Life Insurance Company Limited July 24, 2026 Now let me give you some key highlights for the period ended 30th June 2026. New business premium stands at INR89.1 billion with a growth of 23% and private market share of 20.5%. Individual rated new business premium stands at INR39.7 billion with a growth of 14% and private market share of 22.2%. Gross written premium stands at INR212.9 billion with a growth of 20%. The company's profit after tax for the quarter stood at INR7.2 billion, registering a strong growth of 22% over the corresponding quarter of previous year. Value of new business stands at INR14.1 billion with a growth of 29%. VoNB margin stands at 26.2% for the period ended June 30, 2026. Indian embedded value for the company as on June 30, 2026, stands at INR852.9 billion. Our assets under management stands at INR5.2 trillion with a growth of 10% over the corresponding quarter last year. Solvency ratio of 1.96 is as against the regulatory requirement of 1.5. We will now update you on each of the key parameters in detail. Let me start with the premium. Individual Rated Premium stands at INR39.7 billion with a year-on-year growth of 14%, while retaining our leadership position with a 22.2% private market share and a 15.2% total market share. The company's 3-year CAGR of Individual Rated New Business Premium stands at 14%, outpacing the industry CAGR of 13%. Individual APE stood at INR39.9 billion, growing by 14% Y-o-Y. Total new business premium is INR89.1 billion with private market share of 20.5% and total market share of 8.2%. Group new business premium stands at INR32.9 billion with a contribution of 37% in new business premium and year-on-year growth of 41%. APE stood at INR53.8 billion, registering a growth of 36% Y-o-Y. Renewal premium grew by 17% to INR123.8 billion, which accounts for 58% of the gross written premium. To sum up, gross written premium stands at INR212.9 billion with a growth of 20% over corresponding period last year. During the period, a total of 4.25 lakh new policies were sold covering 8.7 million lives. The growth in sum assured reflects strong consumer confidence and increasing awareness of financial protection. Individual and group new business sum assured grew by 46% and 265%, respectively, year-on-year, while rider sum assured continued to expand, now accounting for 39% of individual sum assured. The company continues to strengthen its product portfolio through focused and customer-centric initiatives. Individual APE for participating products stands at Page 3 of 16 SBI Life Insurance Company Limited July 24, 2026 INR2.4 billion with a growth of 35%. The Par segment also witnessed a considerable growth of 81% in sum assured during the period. For the period June 2026, guaranteed non-par savings have garnered business of INR9.7 billion with growth of 27%. ULIP stands at INR24.5 billion, contributing 61% vis-a-vis 65% in Q1 FY 2026. Individual protection APE is at INR1.9 billion with a growth of 18% as compared to the corresponding quarter ended June 2025. The pure protection category registered a strong growth of 41% on Individual APE basis, reflecting rising awareness and demand for comprehensive financial protection, while the individual sum assured in the Protection segment grew by 40%. Group protection APE stood at INR12.3 billion, registering a growth of 313% over the corresponding period of the previous year. Retirement plans assist customers in building a substantial corpus of funds to maintain the desired lifestyle and manage expenses in their golden years. Total annuity and pension new business underwritten by the company during the quarter is INR18.9 billion. Moving to update on our distribution partners. With the strength of more than 60,000 CIFs, the bancassurance business of SBI and RRBs contributes 47% to the total APE basis. On an indivi [Showing first 8,000 characters — download PDF for full document]